Yesterday evening, the White House announced important details for a long awaited Department of Labor (DOL) rule change that will expand who is eligible for overtime pay. In particular, we now know that DOL will more than double the threshold for exempting salaried workers from overtime pay from the current $455 per week to $970 per week. This means that the salaried workers who are entitled to receive time-and-a-half pay for working over 40 hours per week will expand from those earning below $23,660 per year to those earning below $50,440 per year. Now that we know the exact change in the salary threshold, we can precisely examine the workers who will be impacted by the rule change and how successful it will be as a tool to increase incomes and fight poverty.
American Action Forum's Director of Regulatory Policy, Sam Bakins, discusses what it means for the the Obama administration to hit 500 major regulations.
Four groups filed Amici Curiae briefs in support of MetLife lawsuit against the Financial Stability Oversight Council (FSOC): the National Association of Insurance Commissioners (NAIC), the American Council of Life Insurers (ACLI), the Academic Experts in Financial Regulation (AEFR), and the United States Chamber of Commerce (Chamber). Their arguments took four main forms: • FSOC did not understand the insurance industry, • MetLife is already under rigorous supervision, • FSOC looked narrowly at size alone and ignored a multitude of other factors, and • FSOC did not follow standard federal agency procedures (e.g., benefit-cost analysis).
When I was in college, the Greek system was synonymous with unruly people spilling into the streets and ignoring the wishes of others. Yesterday suggested it is still true. Markets were roiled around the world — in New York, the Dow fell 350 points or just under 2 percent — by the sight of lines of Greeks at ATMs, banks closed until July 6, and capital controls self-imposed by a member of the Eurozone currency union.
In eight years in office, President Bush finalized 496 major regulations. In less than six and a half years, President Obama’s regulators managed to surpass that total, issuing their 500th major regulation this week. The combined cost of major regulations from 2009 to present is a whopping $625 billion.
Some congratulations are in order for the Obama Administration. They have issued 500 “major” regulations at a pace that would make Dale Earnhardt Jr. blush. At that pace, the administration has averaged about one “major” regulation every work week. Tallying up all of the regulations with annual costs of over $100 million, the Obama Administration’s “major” regulations will cost more than $625 billion.
The Renewable Fuel Standards (RFS) program was created under the Energy Policy Act (EPAct) of 2005, and established the first renewable fuel volume mandate in the United States. The EPA is expected to finalize its revised RFS regulations by November 30th, and if history is any indicator, that deadline may come and go without clear guidance.
The Highway Trust Fund (HTF) will run out of money at the end of July, with the exhaustion of the latest of short-term patches to its funding. What happens next? Lawmakers and policy analysts on both sides of the aisle express a desire for a long-term (5 or 6-year) fix.
A group of developing technical standards allowing cellular carriers to use unlicensed spectrum has shown promise in enhancing consumer services, but is already facing pushback from players in the industry.The Federal Communications Commission (FCC) should be agnostic as to the development in this space, especially as it considers further action or new rules for unlicensed bands. Ultimately, what is happening in the 5 GHz band highlights the perennial problems of interference and pricing in unlicensed spectrum that are intractable.
AAF President, Douglas Holtz-Eakin discusses income inequality on CNBC's Squawk Box.